[专业英语]2008财务成本管理英语加试题答案 [复制链接]

六、英语附加题（本题型共2题，每题5分，共10分。要求用英文解答，列出计算步骤，每步骤运算得数精确到小数点后两位。在答题卷上解答，答案写在试题卷上无效。） $)or{Z$&  
1、In 2007,M Corporation paid dividends totaling ＄3 million on net income of ＄15 million.2007 was a normal year, and for the past five years, earnings have grown at a constant rate of 10 percent. However,earnings are expected to jump to ＄18 million in 2008,and the firm expects to have ＄12 million investment opportunities in 2009.It is predicted that M will not be able to maintain the 2008 level of earnings growth in the future----the high 2008 earnings level is attributable to an exceptionally profitable new product line introduced in that year----and the company will return to its previous 10 percent growth rate. M’s target debt ratio is 40 percent in 2007, which will be continued in the future. _m0B6?KJ  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: MKiP3kt
8  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. faTp|T`nY  
B. It continues the 2007 dividend payout ratio. `I
C2}IiF  
C. It uses a residual policy with all distributions in the form of dividends. I(rZ(|^A  
D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). $c^,TAN  
:X+!W_xR  

5N~JRq\  
opaRk.p  
答案在楼下

Answer: Y%zYO  
&m5FYm\  
A: long-run growth rate FTJv kcc?m  
3*(1+10%) =3.3 million $R&K-;D/8  
7gnrLc$]O  
B: target payout ratio r)]8zK4;=  
Target payout ratio=3/15=20% |#i|BVnoE  
Dividend of 2008=18*2%=3.6 million k]"DsN$
  
W ])Lc3X  
C: residual dividend approach +{b3A@f|F  
Retained earnings=total new investment*(1-debt ratio) cLm|^j/  
                 =12*(1-40%) 3'jH,17lWV  
                 =7.2 million OAiSE`  
Residual dividend=18-7.2=10.8 million KAI/*G\z  
0wE)1w<C~  
D: regular-dividend-plus-extra dividend approach (according to the residual policy) 1}/37\  
Regular dividend=3*(1+10%) =3.3 million -\I".8"YE  
Extra dividend=residual dividend –regular dividend is6M{K3  
              =10.8-3.3 Of gmJ(%  
              =7.5 million bdYx81  
=6O<1<[y  
s2kom)  
2. N Company manufactures a kind of product used throughout the machinery industry. The standard price of the materials for the products is $6 per kilogram; the standard quantity of materials allowed per unit is 1.5 kilograms. During July, 2,000 units of the products were finished, for which 3,200 kilograms of materials were used at a total direct material cost of $18.560. lHI?GiB@  
A. Calculate the direct material price variance for July. Indicate whether it is favorable  (F) or unfavorable (U) and who is generally responsible for this variance. cOoF +hz0O  
B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. (k$KUP  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). L"[>tY  
w f""=;  
Answer: ,t|qhJF  
Notes: v/G)E_  
Actual price=18560/3200=$5.8/unit @Wl2E.)K;  
Actual quantity materials per unit=3200/2000=1.6 kg/unit i5;_  
W6&mXJ^3L  
1).Standard quantity * standard price=standard total cost Xaw&41K  
(1.5*2000)      *   6        =$18000 I&Z+FL&@f  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials ?'/#Gt`  
（3200-3000）                *  6         =$1200 oR@1/lV  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials  %G>  
3200         * (5.8 – 6)                    =$640 {^A,){uX]  
4)actual quantity *actual price =actual total cost ^@f-Ni\  
3200        * 5.8       =$18560 <(tnClAn  

6}JW- sA  
78h!D[6  
A：Price variance of direct materials=（actual price-standard price）*actual quantity [J\! 2\Oo  
                             = (5.8-6)*3200 &s~b1Va  
                             = $640  【F】 Wagb|B\  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. r"$~Gg.%(  
,8&ND864v  
B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price j<PpCL_8%  
                                  = (3200-3000)*6 g$T% C?  
                                  =$1200   【U】 zL=PxFw0  
q c DJ  
Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. EHH+)mlo  
KYM%U"jD  
W{X5~w (  
C：Total variance of direct materials=actual costs- standard cost N?l  
                              =18560-18000 ?656P=b)  
                              =560  【U】